Bank of Ghana Governor Dr. Johnson Pandit Asiama Cautions Against Sole Reliance on AI in Public Spending Decisions

Bank of Ghana Governor Dr. Johnson Asiama Unveils Sweeping Reforms to Tighten Financial Oversight and Curb Illegal Lending Apps

Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has announced a series of robust regulatory measures aimed at safeguarding the nation’s financial integrity and protecting consumers from predatory practices. A central pillar of this initiative is a stern warning against 20 unlicensed mobile loan applications, including providers such as Agile Loan, AmanaPay, and CashWay. The central bank identified these entities as operating illegally, frequently violating customer data privacy and disregarding consumer protection standards. Banks and payment service providers have been ordered to cease facilitating transactions for these unauthorized lenders, while the public is urged to report any suspicious digital credit activity to the BoG to ensure the integrity of the digital credit market. Beyond the crackdown on illegal apps, the BoG is preparing to issue new Credit Risk Management and Liquidity Coverage Ratio Directives following the Monetary Policy Committee (MPC) meeting in late September 2026. These directives come as private sector credit growth accelerated to 35.5% in August 2026, a sharp increase from the 13.3% recorded the previous year. While the Governor noted that lower lending rates and increased demand have fueled this expansion, he emphasized the need for banks to maintain rigorous underwriting standards to prevent the deterioration of loan portfolios. To ensure systemic stability, the MPC has maintained the Monetary Policy Rate at 14%, balancing modest headline inflation against considerable growth in real GDP. In a meeting with bank heads on October 6, 2026, Dr. Asiama declared that compliance with foreign exchange (FX) requirements is "non-negotiable." The central bank is currently consolidating its FX rules into a single framework to provide clearer guidance on international transfers and foreign currency accounts. Parallel to these efforts, the BoG has mandated that bank fraud units must now have direct access to Managing Directors and CEOs. This structural change is designed to prioritize fraud detection and prevention amid rising cyber and fintech-related risks. Furthermore, the Governor cautioned public institutions against total reliance on Artificial Intelligence (AI) for decision-making, asserting that AI must complement rather than replace human judgment in managing public resources and citizen welfare. Looking ahead, the BoG is expanding the scope of the national credit reporting system to include non-traditional data. Under the 2025 Credit Reporting Activity Annual Report, plans are underway to integrate the Electricity Company of Ghana (ECG) and the Microfinance and Small-Scale Loans Centre (MASLOC), meaning unpaid utility bills could soon negatively impact a borrower’s creditworthiness. Additionally, the Governor challenged the Ghana Association of Banks to contribute to national development through a street adoption and beautification programme. As the central bank also launches the National Remittance and Diaspora Savings Strategy, these collective measures signal a decisive shift toward a more transparent, technologically cautious, and socially responsible banking sector.